Guide to Renting Private Residential Property

By
/ The Edge Property
|
June 10, 2016 12:00 PM SGT
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Process of renting
  • Decide on your budget and criteria for a rental home. Consider engaging a real estate salesperson (property agent) who can assist you in pricing your rent
  • Check that the salesperson is registered with the Council for Estate Agencies (CEA)
  • Search and browse rental listings
  • Consider engaging a real estate salesperson (property agent) who can assist you in your search, help with paperwork and negotiate on your behalf
  • Check that the salesperson is registered with the Council for Estate Agencies (CEA)
  • Shortlist and arrange to view the properties you are interested in
  • View the properties
  • You should take a look at the surroundings
  • You should also look at the common areas and facilities to check on maintenance
  • Letter of Intent (LOI) and good faith deposit
  • LOI is an offer from you to rent the property. It should include the following:
  • Name of tenant and NRIC/passport number
  • Lease term of usually 6 months, 1 year or 2 years
  • Monthy rental
  • Expiry of LOI.
  • This is the time frame, usually 7 days, for the landlord to accept your offer.
  • Good faith deposit, usually equal to one month of rent.
  • In return for the deposit, the landlord cannot offer the property to another tenant.
  • The landlord must return this deposit in full if he does not accept the rental offer.
  • The good faith deposit is converted into the security deposit or the first month of rent after the Tenancy Agreement (TA) is signed
  • Security deposit
  • This is usually one month of rent for each year of lease term.
  • The good faith deposit is converted into the security deposit or the first month of rent after the Tenancy Agreement is signed
  • This will be returned without interest to the you at the end of the lease, after deduction of any cost for damage according to the Tenancy Agreement.
  • Additional requirements. You may specify requirements such as:
  • Permission to sublet your property
  • Permission to live with pets
  • Diplomatic clause. Under this clause, you can terminate the lease after 12 months by giving 2 months notice if you are no longer employed by your...